The Country profile of Sao Tome and Principe.
Sao Tome and Principe, once a leading cocoa producer, is poised to profit from the commercial exploitation of large offshore reserves of oil. But arguments have arisen over how to spend the expected windfall, leading to political tension. One of Africa's smallest countries, Sao Tome and Principe consists of two islands of volcanic origin and a number of smaller islets. At a Glance POLITICS : Power is constitutionally split between president and prime minister, which has led to several cohabitation governments. Economy: Sao Tome hopes to reduce dependence on donors and cocoa exports by exploiting offshore oil. The award of exploration contracts has been controversial INTERNATIONAL: Sao Tome and Nigeria share offshore oil fields which have yet to be exploited. Nigeria intervened to prevent a coup in 2003. ¤¤> Country profiles compiled by LaNUBlog.COM From the late 1400s Portugal began settling convicts on Sao Tome and establishing sugar plantations with the help of slave...